TomaGold intersects 1.83 g/t Au over 52.3 m, including 125 g/t Au over 0.5 m at a depth of 350 m at Obalski

TomaGold intersects 1.83 g/t Au over 52.3 m, including 125 g/t Au over 0.5 m at a depth of 350 m at Obalski

TomaGold Corporation (TSXV: LOT) (OTCQB: TOGOF) (" TomaGold " or the " Corporation ") is pleased to report the last results of its 11,500-metre drilling program on its wholly-owned Obalski property in Chibougamau, Quebec. In this latest phase, the Corporation drilled five holes for a total of 2,409 m.

Table 1: Best drilling results

Hole Zone Section From
(m)
To
(m)
Length
(m)*
Au
(g/t)
Ag
(g/t)
Cu
(%)
Depth
(m)
OBS-22-016 A-Po 300+00 E 258.35 283.50 25.15 0.31 0.58 0.06 200
OBS-22-017 C 300+00 E 193.20 194.00 0.80 3.83 8.30 0.42 165
A-Po 297.95 314.90 16.95 0.33 0.09 0.03 260
A-Po 343.90 353.25 9.35 6.07 3.29 0.08 295
Including 349.90 350.80 0.90 60.60 31.80 0.60
OBS-22-018 C 300+00 E 306.85 310.45 3.60 0.43 0.63 0.02 285
OBS-22-019 A-Po 175+00 E 374.70 427.00 52.30 1.83 0.73 0.04 350
Including 423.80 424.30 0.50 125.00 45.80 3.30

* True width is estimated at 65-70% of core length.

"This program was a true success as it allowed us to expand the mineralization at depth on Obalski with significant gold intersections, further demonstrating the mineral potential of our property," said David Grondin, President and CEO of TomaGold. "The upcoming program slated for June will be even more exciting as we will continue to test the extensions of the mineralization, in addition to drilling anomalies detected to the west of the property following the results of the induced polarization survey."

Table 2: Results of the 2021-22 drilling program on Obalski

Hole Zone Section Length
(m)*
Au
(g/t)
Ag
(g/t)
Cu
(%)
Depth
(m)
OBS-21-001 C 450+00 E 0.65 12.45 17.70 0.53 93
A-Po 0.55 1.93 1.80 - 234
OBS-21-002 C 450+00 E 1.10 1.38 1.39 - 100
A 0.50 67.10 40.10 2.32 205
D 0.90 2.59 3.10 - 236
A-Po 1.10 47.40 87.60 7.06 298
OBS-21-003 A-Po 450+00 E 11.95 0.51 1.84 0.12 276
Including 1.30 1.58 4.80 0.19
Including 1.10 1.20 4.20 0.53
A-Po 0.50 6.35 1.90 - 376
A-Po 7.10 0.26 2.13 - 419
OBS-21-004 A-Po - - - - - -
OBS-21-005 A-Po 120+00 E 4.05 3.01 3.35 - 200
OBS-21-005A A-Po 120+00 E 49.25 0.21 0.19 0.04 374
OBS-21-006 A-Po 120+00 E 1.90 0.24 0.68 - 250
OBS-21-007 A-Po 120+00 E 20.75 0.43 0.29 - 385
OBS-21-008 A-Po 150+00 E 12.55 0.85 1.40 0.11 185
Including A-Po 2.10 3.40 4.73 0.65
OBS-21-009 A-Po 150+00 E 28.50 1.41 0.81 - 200
Including A-Po 1.50 6.84 1.50 -
Including A-Po 4.50 4.03 2.87 -
OBS-21-010 A-Po 150+00 E 45.95 0.32 0.35 - 425
OBS-21-010A A-Po 150+00 E 54.80 0.33 0.20 - 425
Including A-Po 3.50 1.44 0.80 -
OBS-21-011 A-Po 200+00 E 0.50 1.60 2.60 - 210
OBS-21-012 A-Po 200+00 E 27.50 0.39 0.83 - 300
OBS-21-013 A-Po 200+00 E 1.40 0.76 2.10 0.14 450
OBS-21-014 A-Po 250+00 E 8.90 0.62 0.12 - 210
OBS-21-014A A-Po 250+00 E 7.70 0.89 0.32 - 230
OBS-21-015 A-Po 250+00 E 3.20 23.78 16.55 1.00 330
Including A-Po 0.45 167.50 112.00 6.08
OBS-21-015A A-Po 250+00 E 10.50 5.06 3.27 - 360
Including A-Po 0.65 71.00 31.40 -
OBS-22-016 A-Po 300+00 E 25.15 0.31 0.58 0.06 200
OBS-22-017 C 300+00 E 0.80 3.83 8.30 0.42 165
A-Po 16.95 0.33 0.09 0.03 260
A-Po 9.35 6.07 3.29 0.08 295
Including 0.90 60.60 31.80 0.60
OBS-22-018 C 300+00 E 3.60 0.43 0.63 0.02 285
OBS-22-019 A-Po 175+00 E 52.30 1.83 0.73 0.04 350
Including 0.50 125.00 45.80 3.30

* True width is estimated at 65-70% of core length.

Sample preparation and analysis
TomaGold has implemented and is adhering to a strict Quality Assurance/Quality Control program for the current drilling program. The core is sawed in half, with one half kept as a witness sample in Chibougamau and the other half shipped directly by bus to ALS Chemex in Val-d'Or, Quebec. ALS grinds the half core to 1/8", split it into two halves and keeps one half as a witness (reject) in Val-d'Or. ALS pulverizes the other half to minus 150 mesh, takes a 50 g sample for analysis and keeps the rest, identified as "pulp".

The technical content of this press release has been reviewed and approved by André Jean, P.Eng., the Corporation's Director of Exploration and a qualified person under National Instrument 43-101.

About the Obalski property
The Obalski property covers 345 hectares about 2 km south of Chibougamau, Quebec. Discovered in 1928, the Obalski deposit produced 100,273 tonnes at grades of 1.14% Cu, 2.08 g/t Au and 6.04 g/t Ag from the A zone between 1964 to 1972, and around 9,000 tonnes at a reported grade of 8.5 g/t Au from the D zone in 1984 (Source: SIGEOM and Camchib Exploration internal reports).

About TomaGold
TomaGold Corporation (TSXV: LOT) is a Canadian mineral exploration corporation engaged in the acquisition, assessment, exploration and development of gold mineral properties. TomaGold has interests in five gold properties near the Chibougamau mining camp in northern Quebec: Obalski, Monster Lake East, Monster Lake West, Hazeur and Lac Doda. It also participates in a joint venture with Evolution Mining Ltd. and New Gold Inc., through which it holds a 24.5% interest in the Baird property, near the Red Lake mining camp in Ontario.

Contact:
David Grondin
President and Chief Executive Officer
(514) 583-3490
www.tomagoldcorp.com

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Some of the statements contained in this press release are forward-looking statements within the meaning of applicable securities laws. Forward-looking statements can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "might" or "will" be taken, occur or be achieved. Forward-looking statements are not historical facts and are subject to a number of risks and uncertainties beyond the Corporation's control. Readers are cautioned that such statements are not guarantees of future performance and that actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

LOT:CA
The Conversation (0)
TomaGold Extends East Block Acquisition Term

TomaGold Extends East Block Acquisition Term

TomaGold Corporation (TSXV: LOT) (OTCQB: TOGOF) (" TomaGold " or the " Corporation ") wishes to inform its shareholders that it has extended the "Option to Purchase" with Chibougamau Independent Mines Inc. (TSXV: CBG) (" Chibougamau ") by 45 days to allow completion of due diligence and secure financing to acquire Chibougamau's East Block copper-gold properties. The initial transaction was announced in the press releases dated August 14, 2023 September 13, 2023 and September 18, 2023 .

About TomaGold
TomaGold Corporation (TSXV: LOT) (OTCQB: TOGOF) is a Canadian mineral exploration company engaged in the acquisition, assessment, exploration and development of gold, copper, rare earth elements and lithium projects. Its primary goal is to consolidate the Chibougamau Mining Camp in northern Quebec. In addition to the recent agreements to acquire 20 properties in the camp, the Corporation holds interests in five gold properties in the vicinity of the camp: Obalski, Monster Lake East, Monster Lake West, Hazeur and Doda Lake.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
East Block Acquisition Term Extended

East Block Acquisition Term Extended

Chibougamau Independent Mines Inc. (CBG-TSXV in Canada, CLL1-Frankfurt, Stuttgart, Berlin and Lang & Schwarz Stock Exchanges in Germany, CMAUF-OTC in the US), herein called Chibougamau, wishes to inform shareholders that Chibougamau has extended the "Option to Purchase" accorded to TomaGold Corp. (LOT-TSXV) by 45 days to allow completion of due diligence and secure financing to acquire Chibougamau's East Block of advanced copper-gold properties. The initial transaction was announced in press releases dated August 14, 2023 and September 13 th 2023 .

This press release was written by Jack Stoch, P. Geo., President and CEO of Chibougamau Independent Mines Inc.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
TSX Venture Exchange Stock Maintenance Bulletins

TSX Venture Exchange Stock Maintenance Bulletins

TSX VENTURE COMPANIES

BULLETIN V2024-0267

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
TomaGold meets all initial acquisition commitments of Chibougamau Mining Camp properties

TomaGold meets all initial acquisition commitments of Chibougamau Mining Camp properties

TomaGold Corporation (TSXV: LOT) (OTCQB: TOGOF) (" TomaGold " or the " Corporation ") is pleased to announce that it has met all its initial commitments regarding the previously-announced acquisition of 20 mining properties (press releases dated August 14 and September 13 ), forming the major portion of the Chibougamau Mining Camp, in Quebec, Canada.

LOT_Chibougamau-Claims-Map-(Aug-2023)

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Canadian Investment Regulatory Organization Trade Resumption - LOT

Canadian Investment Regulatory Organization Trade Resumption - LOT

Trading resumes in:

Company: TomaGold Corporation

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

AbraSilver Announces C$20 Million in Strategic Investments by Kinross Gold and Central Puerto and Formation of a Regional Partnership in Argentina

AbraSilver Resource Corp. (TSXV: ABRA) (OTCQX: ABBRF) ("AbraSilver" or the "Company") is pleased to announce that it has entered into subscription agreements in respect of a strategic C$20 million non-brokered private placement of AbraSilver common shares ("Common Shares") with Kinross Gold Corporation ("Kinross") (NYSE: KGC) (TSX: K) and an affiliate of Central Puerto SA ("Central Puerto") (NYSE: CEPU) at a subscription price of C$0.40 per Common Share (the "Private Placement").

Highlights
  • Each of Kinross and Central Puerto have entered into a subscription agreement with AbraSilver pursuant to which they will each invest C$10 million , resulting in aggregate gross proceeds of C$20 million to the Company.

  • The Company will issue an aggregate of 50,000,000 Common Shares at a subscription price of C$0.40 per Common Share, representing approximately a 3% premium to the closing price of the Common Shares on April 19, 2024 .

  • Upon closing of the Private Placement, Kinross and Central Puerto will each own approximately 4.0% of the outstanding Common Shares on an undiluted basis.

  • Following completion of the Private Placement, the Company plans to consolidate its Common Shares, on the basis of one (1) post-consolidation Common Share for every five (5) pre-consolidation Common Shares.

  • Upon closing of the Private Placement, AbraSilver will enter into an Investor Rights Agreement with each of Kinross and Central Puerto that includes, among other things, standard anti-dilution and equity participation rights and the formation of a Technical Advisory Committee and a Strategic & Operational Committee.

  • Pursuant to the terms of the Investor Rights Agreement with Kinross , AbraSilver and Kinross will form a regional partnership to jointly explore for and acquire new projects in Argentina focused on silver, gold, and copper.

Mr. John Miniotis , President and CEO of AbraSilver commented: "We are very excited to welcome both Kinross and Central Puerto as important strategic shareholders and partners. Through this transaction, AbraSilver is well funded for a dual strategy to aggressively advance the Diablillos project towards a production decision and to accelerate our exploration efforts. The Company also gains access to the deep technical expertise in mineral exploration, mine development, and power generation. We look forward to working closely with our new partners as we embark upon the next stages of successfully advancing the development of our high-quality Diablillos silver-gold project."

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Magnetic Resources

Quarterly Appendix 5B Cash Flow Report

Magnetic Resources NL (Magnetic or the Company) has released its Quarterly Cash Flow Report.


Keep reading...Show less
Magnetic Resources

Quarterly Report for the Quarter Ended 31 March 2024

Magnetic Resources NL (Magnetic or the Company) is pleased to provide its Quarterly Activities Report for the period ending 31 March 2024.
Keep reading...Show less
Manuka Resources

Research & Development Funding for Enhancement of Silver Production at Wonawinta

Manuka Resources Limited (ASX: MKR) (“Manuka” or the “Company”) is pleased to announce it has received A$1.07M under the Australian Government’s R&D tax incentive scheme for a successful process improvement program undertaken by the Company to enhance Silver production at the Wonawinta Silver Mine.

Keep reading...Show less
Gold and copper bars.

5 Top Weekly TSXV Stocks: Timberline Gains 120 Percent on McEwen Mining Deal

The S&P/TSX Venture Composite Index (INDEXTSI:JX) fell 20.69 points last week to close at 567.02.

Statistics Canada released March consumer price index figures this past Tuesday (April 16), showing inflation was up 2.9 percent on a year-on-year basis, higher than the 2.8 percent year-on-year growth reported in February.

Gasoline prices, which were up 4.5 percent compared to the same period last year, were a significant factor in the gain. Additional pressure came from rising shelter costs due to mortgage and rental increases.

Keep reading...Show less
Spartan Resources

Successful Completion of Placement & Institutional Entitlement Offer as Part of A$80M Equity Raising

Spartan Resources Limited (Spartan or Company) (ASX:SPR) is pleased to announce that the Company has successfully completed an institutional placement (Placement) and the institutional component of a 1-for-17 fully underwritten pro rata accelerated non-renounceable entitlement offer (Institutional Entitlement Offer, together with the Placement the Institutional Offer) of new fully paid ordinary shares in Spartan (New Shares).

Keep reading...Show less

Latest Press Releases

Related News

×